Are you looking to sell your home in the UK, but have some questions? In recent times, the housing market has been through a numbers of fluctuations due to the pandemic. In a bid to boost the housing market after the COVID-19 property freeze, Chancellor Rishi Sunak introduced a measure that could save the average homebuyer over £2,000. Stamp duty land tax (SDLT), often known simply as stamp duty, was cancelled on all property purchases up to half a million pounds. This lead to a huge rush, property prices went wild and a year on things are only just starting to get back to 'normal'. Now that house prices begin to recover, it seems 2022 is the ideal time to look into selling your home or any other property. Here, conveyancing solicitors Portsmouth answer the most frequently searched questions online relating to the selling of a home. So, read on to learn more!
What is conveyancing?
Conveyancing is a legal word which essentially covers what is involved in buying or selling a property. Solicitors in this area will know the law surrounding the purchase or sale of a home in the UK. And will be able to advise you on which steps you need to take to make it a smooth process.
How long does the process take?
There are many variables to consider when it comes to selling your home. First, you will need to have the property valued by either a solicitor or an estate agent. Then local searches will need to be completed. After this, you will need to make any recommended changes to bring your house up to scratch. Once done, you can allow viewings and start accepting offers. The process of agreeing on a sale to completion can also vary in its length. If the process is straightforward, it can take between 8 to 12 weeks. In recent times, due to COVID-19, the process has been lengthened to several months. But your legal team will be able to advise you on how long your individual case will take.
Do I need to have a survey completed?
Yes, you should always aim to have a survey completed when you are selling your home. Especially if it is an older property. Should you discover that there is an issue with your home after the sale has been agreed upon, you will be legally and financially responsible for resolving this. So, before selling your home, it is always best to have it surveyed. The surveyor from potential buyers will be able to give an estimate on how much your property is worth. So, you can take the sales process from there.
Will I need to arrange repayment of my mortgage when I sell my house?
Typically, your legal team will handle this. But in short, your mortgage will need to be repaid with the money you have made from the sale of your home. You will also usually pay for any solicitor or estate agent fees from this money too.
What might cause delays?
Common causes of delay when it comes to buying or selling a home may be linked to the length of the chain. In recent times, due to the pandemic, another issue many people have been facing, with the buying or selling of a home, is the mortgage application. This can be lengthy in general. But due to COVID-19, any mortgage application may be further delayed due to backlog. Another common problem is that during the surveying of a home, if something unexpected is found, it needs to be investigated or resolved.
